Congress Exempts Most Federal Workers From Key Insider Trading Reporting Requirement

capitol hill cc

Remember the STOCK Act? It was the law that passed last year that made it illegal for members of Congress to use inside information to trade in their own accounts.

That’s right, until last year a member of Congress, who knew what regulations were going to impact which industries and/or companies was allowed to trade on this information.

If you or I did what they did regularly we’d go to prison.

This thankfully is now illegal. But a key part of the law was recently repealed with broad support from both Republicans and Democrats in both houses of Congress. Congress was supposed to report all trades within a short period of time to an online database so that the public could see what was going on. This provision was held up and held up until last week it was just eliminated for good.

Congress got rid of it on “national security” grounds.

Yeah.

Click here for the article.